Our appeal should also send a message that the largest speculators in the world can't litigate regulators to death," said Bart Chilton, one of three Democrats on the CFTC and a supporter of the trading curbs.

But bankers, their lobbyists, and the politicians who do their bidding are eager to heap outsize blame on new national and international bank rules, including trading curbs, consumer protections and higher capital requirements.

Though he considers there to be little need for dark trading curbs to support price formation on the displayed markets -- given the fact that investors will always want to trade at the bid and offer price, compared to the mid-point execution offered by most dark pools -- Higgins stresses the need for clearer and more granular trading data ahead of any policy decision being reached on dark pool restrictions.

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